FILE PHOTO: Australian Prime Minister Scott Morrison and Indian Prime Minister Narendra Modi speak during the Australia-India Virtual Leaders Summit 2020 at Parliament House in Canberra, Thursday, June 4, 2020. (AAP Image/Lukas Coch)
India and Australia this Saturday signed a historic five-year deal aimed at boosting the development of the Indo-Pacific through increased bilateral trade in key areas such as textiles, the pharmaceutical industry or information technology.
The contract proposes Increase bilateral trade to $50,000 million over the next five yearsa figure which has hitherto stood at 27,000 million, said India’s minister for trade and industry, Pyush Goyalduring the signing of the document.
The minister specified at the meeting that “there is one great potential for Indian exports in sectors such as textiles, pharmaceuticals, hospitality, gems and jewelry, and IT‘ That could be beneficial for both countries.
Australia, for its part, has partnered with the Asian giant “in key areas of interest to India, such as Education, IT (information and technology), business, professional services, health and audiovisual media‘ said the Indian Ministry of Trade and Industry in a subsequent statement.
Indian Prime Minister Narendra Modi and Australian Prime Minister Scott Morrison attend a meeting during the United Nations Climate Change Conference (COP26) in Glasgow, Scotland, Britain, November 2, 2021. REUTERS/Phil Noble/Pool
Even “will provide post-graduate work visas for students, contingents for chefs and yoga teachers,” and work and holiday visas for young professionalsadd the font.
With this signature, India is hoping for that “new employment opportunities, raising the standard of living and improving the general prosperity of the people of both countries”.
The signing of the agreement, which took place virtually, was also attended by the Prime Minister of India, Narendra Modiand its Australian counterpart, Scott Morrisonwho showed their approval of this historic document, which “the Depth of mutual trust between the two countries‘ said the Indian President.
“This is a pivotal moment for our bilateral relations,” stressed Modi, who believes this FTA allows India and Australia “Increase supply chain resilience and also contribute to the stability of the Indo-Pacific region”.
FILE PHOTO: U.S. Secretary of State Antony Blinken, Australian Foreign Minister Marise Payne, Indian Foreign Minister Subrahmanyam Jaishankar and Japanese Foreign Minister Yoshimasa Hayashi during a Quad Security Dialogue (Quad) foreign ministers press conference in Melbourne, Australia February 11, 2022. REUTERS/ Sandra Sanders
Negotiations on the historic deal signed by both countries began more than a decade ago, but the process was suspended after nine rounds in 2015. The dialogue resumed in 2020 before the increasing pressure from China in the region and strengthening ties between members of the QUAD.
India and Australia are members along with the QUAD Alliance United States and Japanand both Modi and Morrison have repeatedly referred to the goal of an Indo-Pacific “free, open and inclusive” in light of China’s alleged expansionist ambitions in the region.
Quad leaders met in early March Assessing the “impact” of the Russian invasion of Ukraine and ensuring “that such events never take place in the Indo-Pacific”recalls Morrison.
Quad is one informal strategy forum between the United States, Japan, India and Australia who organized regularly holds summits, exchanges information and is currently organizing joint military exercises. It was founded in 2007 at the behest of Japan and, despite changing fates, survived until it flourished in recent years.
(With information from EFE)
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